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Mumbai, Dec. 1

Private equity firm Blackstone Group on Monday agreed to buy a majority stake in the outsourcing unit of IT firm CMS Computers Ltd. This unit, which manages Card Solutions, Transaction Printing Solutions and ATM Cash Management, will be spun off into a new company with the majority stake and majority board representation vested with the Blackstone group.However, financial details pertaining to this development were not disclosed.

The yet unnamed company has entered into an agreement with Mr Rajiv Kaul, ex-CEO of Microsoft India, to be the Executive Vice-Chairman and CEO, according to statement issued on Monday.Blackstone saw potential in CMS’s strong customer base and geographic reach across 500 locations.“With its strong customer base and geographic reach across 500 locations, CMS provides the ideal platform, in partnership with Blackstone, to capitalize on its leadership position to deliver its true potential,” said Mr Kaul. –

Our Bureau

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